Melexis Q results Third quarter sales growth of 15%

Transcription

1 Press release - Melexis Q results Third quarter sales growth of 15% Intermediate declaration by the Board of Directors Ieper, Belgium October 24 th, 2018, hrs CET CONFORM IFRS Q Q YOY growth Q SEQ growth in k EUR (%) (%) Sales 146, ,074 15% 141,753 3% Gross result 68,053 58,224 17% 65,822 3% Gross Margin 46.4% 45.8% 46.4% EBIT 36,874 32,012 15% 35,397 4% EBIT in % 25.1% 25.2% 25.0% EBITDA 47,257 39,390 20% 45,423 4% EBITDA in % 32.2% 31.0% 32.0% Net result 30,095 28,108 7% 28,116 7% Net result per share (EPS) CAPEX 19,004 13,140 20,080 Sales for the third quarter of 2018 were million EUR, an increase of 15% compared to the same quarter of the previous year and an increase of 3% compared to the previous quarter. The EUR/USD exchange rate evolution had no impact on sales compared to the same quarter of last year and a positive impact of 1% compared to the previous quarter. The gross result was 68.1 million EUR or 46.4% of sales, an increase of 17% compared to the same quarter of last year and an increase of 3% compared to the previous quarter. R&D expenses were 13.3% of sales, G&A was at 5.3% of sales and Selling was at 2.6% of sales. The operating result was 36.9 million EUR or 25.1% of sales, an increase of 15% compared to the same quarter of last year and an increase of 4% compared to the previous quarter. The net result was 30.1 million EUR or 0.74 EUR per share, an increase of 7% compared to 28.1 million EUR or 0.70 EUR per share in the third quarter of 2017 and an increase of 7% compared to the previous quarter. 1 Melexis Financial Press Release

2 CONFORM IFRS 9M M 2017 YOY growth in k EUR (%) Sales 427, ,978 13% Gross result 196, ,261 13% Gross Margin 46.1% 46.0% EBIT 106,606 96,627 10% EBIT in % 24.9% 25.5% EBITDA 135, ,927 13% EBITDA in % 31.6% 31.6% Net result 86,997 84,357 3% Net result per share (EPS) CAPEX 59,520 33,165 Sales for the first nine months of 2018 were million EUR, an increase of 13% compared to the first nine months of The EUR/USD exchange rate evolution had a negative impact on sales of 4% compared to the first nine months of Gross result was million EUR, an increase of 13% compared to the same period last year. The operating result was million EUR, compared to 96.6 million EUR in the same nine months of 2017, an increase of 10%. Net income was 87.0 million EUR or 2.15 EUR per share, an increase of 3% compared to 84.4 million EUR or 2.09 EUR per share in the first nine months of Outlook Melexis now expects a full year 2018 sales growth around 11%, a gross profit margin around 45% and an operating margin around 25%, all taking into account the current EUR/USD exchange rate. Business comment Françoise Chombar, CEO: The Melexis third quarter results are in line with our expectations. Growth drivers for Melexis products continue to solidify as a consequence of the trends towards more electrification, assisted drive and interior differentiation in cars. Melexis expertise in sense and drive solutions provides an answer to increased customer opportunities in terms of product performance, harshness and integration. Our adjusted sales guidance for the full year reflects a reduced short term visibility and signs of upcoming inventory corrections at our customers. These inventory corrections are triggered by a mix of reasons, the main one being a more uncertain economic and geopolitical situation caused by global trade tensions. As a result and opposite to last year, customers both in automotive and adjacent markets display more scrutiny towards their inventory levels at year end. Customers of Melexis express their continued optimism about the growth opportunities in their markets and embrace Melexis developments and product innovations. The key growth drivers in the third quarter were magnetic position sensors, embedded motor drivers and pressure sensors. Sales to automotive customers represented 92% of total sales in the third quarter. The portion of standard product (ASSPs) sales represented 65% of total sales in the third quarter.'' 2 Melexis Financial Press Release

3 Financial Calendar - Dividend pay date: October 25, 2018 (ex coupon on October 23, 2018) - Analyst Day: December 5, Publication FY 2018 Results: February 6, 2019 The company s results will be discussed in a conference call on Wednesday, October 24 th, 2018 at 17 hrs CET. The conference call will be in English. You have to register for this conference call in advance. You can register by clicking on the following link and filling out the requested information: Conference ID: After registration, you will receive the conference call number, a participant user pin, conference pin and instructions on how to join the conference call. For security purposes all participants must register individually if they wish to join the call. A replay number for this call is available for 7 days after the end of the conference call. The replay number for this call is , access code: For further information: Investor Relations Phone: Fax: investor@melexis.com About Melexis Combining a passion for technology with truly inspired engineering, Melexis designs, develops and delivers innovative micro-electronic solutions that enable designers to turn ideas into applications that support the best imaginable future. The company s advanced mixed-signal semiconductor sensor and actuator components address the challenges of integrating sensing, driving and communication into next-generation products and systems that improve safety, raise efficiency, support sustainability and enhance comfort. Melexis is headquartered in Belgium and employs over 1,400 people in 19 locations worldwide. The company is publicly traded on Euronext Brussels (MELE). For more information, visit Disclaimer Except for those statements that report the Company's historical results, the statements being made are forward looking statements. Actual results could differ materially from those projected in the forward-looking statements. Factors which could cause actual results to differ from expectations include the following: volatility in supply and demand affecting revenues and market prices, price and availability of silicon foundry, assembly and test prices, assembly and test subcontract capacity required to meet financial targets and/or meet backlog requirements, risks and delays associated with bringing up new production capabilities or with deliveries from subcontractors, timing and market acceptance of new products, increased expenses associated with new product acceptance of new products, increased expenses associated with new product introductions of process changes, delays in developing or achieving volume production of new products, which can result in delays or failure to contribute to revenues and profits, ability of the Company to maintain its customer and vendor base and delays in and/or inability in raising additional capital. 3 Melexis Financial Press Release

4 Consolidated Income Statement CONFORM IFRS Quarter ended Quarter ended Nine months ended Nine months ended Year ended 30/09/ /09/ /09/ /09/ /12/2017 in k EUR audited Sales 146, , , , ,661 Cost of sales -78,604-68, , , ,265 Gross result 68,053 58, , , ,396 R&D -19,552-17,224-57,242-51,632-69,483 G&A -7,822-5,981-22,149-17,516-23,835 Selling -3,804-3,007-10,987-8,486-11,660 Other operating result 2,190 Operating result (EBIT) 36,874 32, ,606 96, ,608 Financial result , ,192 3,379 Result before taxes 36,299 33, ,326 99, ,986 Income taxes -6,204-5,285-19,329-15,462-25,032 Net result 30,095 28,108 86,997 84, ,955 Net result per share in EUR Consolidated Statement of Financial Position CONFORM IFRS Nine months ended Nine months ended Year ended 30/09/ /09/ /12/2017 in k EUR audited Current Assets : Cash and cash equivalents 36, ,157 75,478 Current investments A/R Trade 78,799 63,171 68,753 A/R from related parties 149 3, Advance related parties Assets for current tax 1,467 1,011 1,589 Assets held for sale Other current assets 11,543 8,745 10,121 Inventories 125,871 88,308 97,625 Total current assets 254, , ,338 Non-current assets : Costs of incorporation Property, plant and equipment 150, , ,780 Financial assets 6 Intangible fixed assets 5,077 7,343 5,556 A/R directors Other non-current assets Deferred tax assets 24,806 27,316 26,682 Total non current assets 180, , ,022 Total assets 435, , ,361 4 Melexis Financial Press Release

5 CONFORM IFRS Nine months ended Nine months ended Year ended 30/09/ /09/ /12/2017 in k EUR audited Liabilities and shareholders Equity Current liabilities : Bank loans and overdrafts Derivative financial instruments Current portion of LT debt 49 4,051 6,043 A/P trade 20,644 17,421 22,262 Affiliated companies 15,116 16,665 17,449 Accrued taxes 15,417 28,377 36,434 Accrued expenses and payroll 12,971 11,540 10,716 Other current liabilities 4,406 2,577 4,055 Deferred income 1,891 1,206 2,896 Total current liabilities 70,694 82, ,015 Non current liabilities : LT debt less current portion 15,000 11,044 9,043 Deferred tax liabilities Other non-current liabilities 2,164 Total non current liabilities 15,000 13,208 9,043 Shareholders' equity : Shareholders' capital Share premium Treasury shares -3,818-3,818-3,818 Revaluation reserve Hedge Revaluation reserve Fair value Legal reserve Retained earnings 271, , ,427 Current period's profit 86,997 84, ,955 Cumulative translation adjustment -5,724-4,609-5,844 Equity attributable to company owners 349, , ,292 Non controlling interests Total shareholders equity 349, , ,303 Total liabilities, shareholders' equity 435, , ,361 and minority interests 5 Melexis Financial Press Release

6 Consolidated Statements of Cash Flow CONFORM IFRS Quarter ended Quarter ended Nine months ended Nine months ended 30/09/ /09/ /09/ /09/2017 (in k EUR) Cash flow from operating activities Net income 30,095 28,108 86,997 84,357 Adjustments for : Operating activities 10,582 4,255 30,386 17,279 Deferred taxes 454-2,420 1,876-3,346 Capital grants Depreciation and amortisation 10,383 7,378 28,615 23,300 Unrealized exchange results 378-2, ,903 Financial result , ,568 Operating profit before working capital changes 40,677 32, , ,636 A/R, Trade -2,914-1,446-10,041 3,107 A/R, affiliates -12 3, ,722 Other current assets 442 4,367-1, Other non current assets Inventories -11,627-6,893-30,538-14,525 A/P -5,113-1,395-1,647-2,019 A/P affiliates -2,275 3,978-2,333 2,114 Accrued expenses 8,375 9,767 17,216 17,037 Other current liabilities Other non current liabilities ,529 Interest paid Income tax paid ,139-35,979-15,883 Cash flow from operating activities 26,935 37,753 52,337 87,622 Cash flow from investing activities Acquisition of subsidiary, net of cash acquired Financial fixed assets Purchase of PPE and intangible assets (netted) -19,004-13,140-59,520-33,165 Interest received Investments/proceeds/ from current investments 154 2, Investments/proceeds/ from non current investments (incl. financial instruments) Cash provided from investing activities -18,849-10,466-59,099-33,028 Cash flows from financing activities Payment to acquire own shares Proceeds/Repayment of long-and short-term debt Proceeds/Repayment of bank loans and overdrafts Proceeds from (repayment of) related party financing Impact of exchange results on financing items 118 3, ,897 Dividend payment ,045-28,038 Capital Decrease Non controlling interests Cash provided from financing activities 119 3,851-31,779-21,183 CTA Increase/decrease in cash and cash equivalents 8,184 31,116-38,531 33,368 Cash at beginning of the period 28,763 78,041 75,478 75,789 Cash at the end of the period 36, ,157 36, ,157 6 Melexis Financial Press Release

7 Sales per Geography APAC Asia Pacific Q3/18 Q3/17 Q2/18 9M M % 49% 48% 49% 48% EMEA Europe - Middle-East - Africa 39% 39% 41% 39% 40% NALA North America - Latin America 12% 12% 11% 12% 12% TOTAL 100% 100% 100% 100% 100% 7 Melexis Financial Press Release